Naira Gains N2 Against Pound Sterling at Black Market

By Modupe Gbadeyanka

At the close of transactions at the foreign exchange parallel market yesterday, Nigeria’s local currency appreciated against the British Pound Sterling.

Business Post reports that the Naira chalked up N2 on Tuesday to finish at N475 compared with N477 to the Pound Sterling it traded on Monday.

This occurred as the Central Bank of Nigeria (CBN) released $195 million to the forex market on Monday to boost liquidity.

However, the local currency closed flat against the two other major foreign currencies, the Dollar and the Euro.

Our correspondent reports that at the close of transactions yesterday, the Dollar traded at N370 like the previous day, while the Euro was sold at N432, same rate it traded on Monday.

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Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.